Thailand has scrapped its plan to impose a 15% withholding tax on cryptocurrency transactions after facing pushback from the crypto community. The Thai Revenue Department has also published new tax rules applicable to cryptocurrencies and digital tokens.
“The revenue department did a lot of homework and reached out to crypto operators as well to get feedback, It is much more friendly to both investors and the industry,”
Govt. officials said that income from cryptocurrency could be reported as capital gains, the Financial Times reported, adding that the new rules will allow traders to offset their annual losses against gains made in the same year.
“The revenue department did a lot of homework and reached out to crypto operators as well to get feedback.” said Peeradej Tanruangporn, CEO of Upbit and co-chair of the Thailand Digital Asset Operators Trade Association
While Thailand is making its tax rules more friendly to both investors and the industry the government of India has just proposed taxing crypto transactions at 30%, the highest tax band in the country.
Last week, the Bank of Thailand, Thai Securities and Exchange Commission, and the Thai’s finance ministry announced plans to regulate cryptocurrency as a means of payment.